Of the companies migrating, LIC is the largest by market capitalisation, at approximately $109 million.
There are about 14 agritech companies on the NZX Main Board and only one other farmer-owned co-operative, Fonterra.
LIC chief executive Wayne McNee says LIC is excited to join the NZSX and be featured alongside some of New Zealand’s best-known brands and companies.
“The presence of LIC on the main board is an opportunity to further strengthen the profile of the primary sector on the NZSX.”
McNee says the migration will not impact its 10,300 farmer shareholders.
LIC debuted on the NZAX in 2004 and employs 750 full time staff.
In the past four years, LIC has undergone a significant transformation programme, including separating its genetics and agritech businesses, completing a capital restructure and strategy refresh.
Its latest half-year results showed revenue and net profit up and the company is on track to hit its forecast of $18-22m for 2018-19.
The move to the main board also means LIC will become subject to listing rules that impose enhanced governance requirements.
